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Highlights / Annotations / Catch Notes For July of 2024

Home Highlights July July 2024 Year 2024

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Showing 901 to 950 of 998 Records

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July 3, 2024 Case Laws GST AAR

AAR: clarified what qualifies as parts of warships/submarines for GST. Engines, gearbox, propellers are considered integral.
July 3, 2024 Case Laws GST AAR

Liquidated damages for breach of contract are taxable under GST as a service. Compensation for tolerating non-performance is also subject to GST.
July 3, 2024 Case Laws GST AAR

AAR found sewerage water treated by GVSCCL supplied to industries subject to NIL GST rate as purified water, not potable.
July 3, 2024 Case Laws GST AAR

AAR: the ruling clarified GST rates for royalty charges and aggregates. Separate transactions apply with different tax rates.
July 3, 2024 Case Laws Income Tax HC

High Court ruled receipt from hotel license as revenue, not capital gain. Decision favored Revenue/Appellant.
July 3, 2024 Case Laws Income Tax HC

Court decision: Company making Pan Masala eligible for tax deduction as product doesn't contain tobacco.
July 3, 2024 Case Laws Income Tax HC

The court ruled against reassessment of expenses as capital, citing lack of new facts. Change of opinion not valid reason.
July 3, 2024 Case Laws Income Tax HC

The court upheld a tax assessment at 8% net profit rate for civil work contract, favoring the assessee.
July 3, 2024 Case Laws Income Tax HC

High Court rules in favor of assessee on tax exemption issue. Approval u/s 10(25)(iii) valid = exemption granted.
July 3, 2024 Case Laws Income Tax AT

ITAT upheld penalty for late filing of financial transactions statement. Compliance with section 285BA is key.
July 3, 2024 Case Laws Income Tax AT

A tax tribunal ruled in favor of a taxpayer on depreciation for a biometric device, saying it was a matter of interpretation, not deception.
July 3, 2024 Case Laws Income Tax AT

Appellate Tribunal discussed best judgment assessment & exemption eligibility. No docs, non-compliance led to remand for fresh assessment.
July 3, 2024 Case Laws Income Tax AT

The ITAT upheld the assessee's deduction claim u/s 80IA, finding no incriminating evidence during the search. Additions for alleged illegal payments and unaccounted transactions were dismissed.
July 3, 2024 Case Laws Income Tax AT

Exemption u/s 11: The Tribunal ruled in favor of assessee, addressing various issues like trustee appointments and property transfer.
July 3, 2024 Case Laws Income Tax AT

ITAT: No reason for extra tax on property sale! Fair Market Value versus actual price. AO must follow limited scrutiny rules!
July 3, 2024 Case Laws Income Tax AT

ITAT reviewed undisclosed foreign income & assets through paper companies. Evidence proved legit source of funds, taxes paid. No undisclosed assets found.
July 3, 2024 Case Laws Income Tax AT

ITAT: Notice u/s 153C must be within 6 years of satisfaction. No link between seized material & assessment years = invalid.
July 3, 2024 Case Laws Income Tax AT

Appellate Tribunal decides on Transfer Pricing issues incl. software services, guarantees, inter-company loans, & brand royalties.
July 3, 2024 Case Laws Income Tax AT

ITAT rules in favor of milk distributor in cash expenditure case. Payments to others verified, exempted from disallowance.
July 3, 2024 Case Laws Income Tax AT

The Tribunal addressed key issues: Transfer Pricing errors, Comparable selection faults, and Disallowance u/s 14A.
July 3, 2024 Case Laws Income Tax AT

Foreign company wins appeal against tax authorities in long-term share sale case. Tribunal rules transaction genuine.
July 3, 2024 Case Laws Income Tax AT

Appellate Tribunal rules in favor of assessee on alleged bogus capital gains! No direct link to wrongdoing found.
July 3, 2024 Case Laws Customs AT

Importers cleared of duty evasion charges for undervalued perfumes. Tribunal rules transaction value based on supplier invoices valid.
July 3, 2024 Case Laws Customs AT

Appeal won! No penalties for alleged smuggling. Legal twist: Police involvement shifted burden of proof.
July 3, 2024 Case Laws Companies Law HC

Court rules sale agreement valid post company winding up petition, emphasizing prevention of unjust enrichment. Transaction ratified.
July 3, 2024 Case Laws Insolvency and Bankruptcy AT

Legal case on Resolution Plan approval resolved by NCLAT. Criteria for allottees upheld. No flaws found in Plan details. Appeal dismissed.
July 3, 2024 Case Laws Insolvency and Bankruptcy AT

NCLAT clarifies that moratorium under IBC starts upon filing, not registration. Emphasizes importance of filing date in legal proceedings.
July 3, 2024 Case Laws FEMA AT

Appellate Tribunal ruling on FERA offense issues: seized funds, under-invoicing, reliance on statements, penalty reduction, refund directed.
July 3, 2024 Case Laws Money Laundering HC

Petitioner's request to halt money laundering trial denied; law still valid despite review petition. Double jeopardy claim rejected.
July 3, 2024 Case Laws Money Laundering AT

Appellate Tribunal rules on property retention & Adjudicating Authority constitution under PMLA. Excluded Covid-19 period not counted. Single-member bench competence upheld. Appeal dismissed.
July 3, 2024 Case Laws Central Excise HC

High Court reconsiders input tax credit on furnace oil. Previous order set aside; remanded for fresh consideration. Parties agree for remand.
July 3, 2024 Case Laws Central Excise AT

CESTAT ruled on pre-deposit during appeal & interest on duty refund. Stay is exception, total duty payment is norm.
July 3, 2024 Case Laws Central Excise AT

Mixture of resin & adhesive for laminates classified under Chapter 35-06, not 39-09. Revenue failed to prove marketability. Appeal allowed.
July 3, 2024 Case Laws VAT and Sales Tax HC

Court ruled in favor of petitioner in challenge to Entry Tax on "PET Resin" and "PVC Granules" in Assam. Trade meaning guides interpretation.
July 2, 2024 Circulars SEZ

At the 116th SEZ Board meeting, key decisions included extending approvals, approving co-developer status, and a new SEZ proposal.
July 2, 2024 Circulars SEBI

Starting August 1, 2024, investors get electronic Consolidated Account Statements (CAS) by default. Physical copies available on request.
July 2, 2024 Circulars SEBI

New SEBI circular stresses transparent, fair access for all market participants. Charges must be accurate and uniform. Implementation by Oct 01, 2024.
July 2, 2024 Circulars Customs

India extends Sea Cargo Manifest rules to Aug 31, 2024 for customs clearance efficiency. Stakeholders transition to new formats for compliance.
July 2, 2024 Circulars Insolvency and Bankruptcy

New rules for monitoring liquidation processes under Insolvency & Bankruptcy Code! Insolvency Pros must file electronic forms for transparency
July 2, 2024 Case Laws GST HC

High Court ruled in favor of petitioner who missed replying to tax notice, setting aside order & allowing time to contest.
July 2, 2024 Case Laws GST CCI

Competition Commission found Respondent didn't pass on GST benefits, profiteered Rs. 48,25,970. Ordered to refund with interest.
July 2, 2024 Case Laws Income Tax HC

Prosecution for tax evasion invalid without confirmed penalty exceeding Rs. 50,000. Penalty deleted by ITAT, so prosecution unwarranted. Mens rea essential for prosecution.
July 2, 2024 Case Laws Income Tax HC

HC ruled against the revenue: says ad expenses can be deducted, VRS payments allowed, project advances = revenue. Staff welfare costs OK.
July 2, 2024 Case Laws Income Tax HC

High Court ruled assessee not at fault for late tax form due to technical issues, allowed concessional tax rate u/s 115BAA.
July 2, 2024 Case Laws Income Tax AT

The Tribunal ruled in favor of the assessee on various additions, emphasizing the need for corroborative evidence and fair treatment.
July 2, 2024 Case Laws Income Tax AT

Property must be leased out for any part of the year to apply tax benefits. Suspicion is not evidence. ITAT rules in favor of assessee.
July 2, 2024 Case Laws Income Tax AT

Case challenged penalty orders u/s. 271D and 271E due to reassessment proceedings being quashed. Tribunal ruled penalties baseless.
July 2, 2024 Case Laws Income Tax AT

Tribunal cancels penalty on electricity expenses disallowance. Machine vital for biz activity. Assessee's explanation genuine.
July 2, 2024 Case Laws Income Tax AT

Appellate Tribunal rules capital gains taxed based on developer's actions, not agreement date. AO error corrected for A.Y. 2012-13.
July 2, 2024 Case Laws Income Tax AT

ITAT clarifies TDS credit for past period: Income & TDS must align for tax, credit in reported year. No double claiming.

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